2023-06-11 06:37:22
For many years in Argentina it has been common to hear about the possibility of buying in installments, financing with a card, even obtaining personal loans for consumption, but Who has access to these possibilities? In the country approximately 27 million people are between 18 and 70 years old, however, only 13 million individuals register bank debts.
That almost half of the population of legal age is not banked, so it does not have the possibility of financing. Given this scenario, it is worth asking the question:
Why those 13 million people who have income could not access credit?
Access to credit implies that financial institutions have proposals for segments of the population that today are not banked.
In a social context of proliferation of independent jobs and informal employment of unbanked sectors of society, a question that hovers over the need for financing for consumption is:
“Will I be eligible to receive a loan?”
In the era of technological transformation and artificial intelligence, companies have managed to optimize their processes, including credit evaluation. In this way, technological tools have become fundamental allies to advance financial inclusion and speed up processes so that more and more people can have access to the system, even without having a formal job.
So how is it determined who can have access or not?
Within this framework, SIISA, a company that provides technology solutions applied to the financial market through constant innovation processes such as business reports, credit score, decision engine, among others, has been accompanying financial companies for 26 years to learn in depth to those who request their products. In this way, they can make better decisions in the face of new loan origination alternatives, with the ability to collaborate in access to financing for unbanked sectors of society, or that are not directly included within the financial system.
Mariano SokalDirector of SIISA, states: “At SIISA we receive more than 25,000 daily queries linked to people from all segments of society because we have a database of clients who operate regularly in the cash and directed credit market, such as as well as large retail chains and financial institutions, thus covering a large percentage of the economic and social spectrum.”
In this way, the Argentine company can provide its solutions so that financial entities approve the largest number of loans possible, increasing their sales and reducing defaults (non-payment of loans granted). This philosophy is based on its way of working, which consists of collecting information from unbanked segments so that they can enter the financial system through access to credit.
Through the different solutions, financial companies can have an instant pre-qualification among people of different types of activity, monotributistas or self-employed, even informal workers, according to their credit history in various types of entities in which they have operated time, for example in retail. In turn, SIISA has statistical models that can access information on various variables that facilitate the possibility of including young people without a credit history in the financial system.
The evolution of credit in Argentina
According to official data from the Central Bank, despite the fact that at the end of 2022 in terms of financing, 54.5% of the adult population accessed the expanded financial system (SFA), which also includes credit card issuers and non-bank purchases , and non-financial providers of credit, the latest report on financial inclusion of the entity warns that in the same period “the total balance of financing for individuals fell 13% in real terms (discounted inflation)”, continuing a downward path .
In this context, last May, the Ministry of Economy announced a 30% increase in the amounts of purchases in installments with credit cards and 25% for payment operations in a single installment. Faced with an economy that has a large number of economically active workers in a diffuse place in terms of their real income, and young people who seek to enter the financial system year after year, the technology based on quality information proposed by SIISA opens the doors to an opportunity: access to credit for all segments of society.
[1] SIISA source.
#adults #Argentina #banked